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Mexico to keep oil prices stable after Saudi Arabia attacks
Last Saturday, in a move expected to send oil prices soaring and increase tensions in the Middle East, two main facilities of Saudi Arabia’s oil industry were attacked by Yemen’s Iran-aligned Houthi group
Pemex aims to increase oil production by 2024
López Obrador said that once Pemex increases its oil output, it will produce resources to promote the country's development
Fuel thefts through illegal taps in the company's sprawling network of pipelines have been an ongoing problem at Pemex, which reported more than 5,000 robberies of fuel in 2015.
"We are expecting Mexico's imports from the U.S. to increase to an average of 900,000 barrels per day (bpd) in 2017..." said the head of oil products research at Energy Aspects.
Oil prices soared to their highest in over a month on the news of the deal.
According to a Pemex official, 2.5% of Mexico's entire oil output is stolen, which translates to over 1 billion dollars in losses per year for the country.
Despite the positive news for the Mexican oil giant, Mexico's oil output has fallen for a dozen years since hitting a peak in 2004
Exports will depart to the US from the Salina Cruz port in Oaxaca
West Texas Intermediate fell by 13 cents and Brent fell by two cents
Mexico's annual oil hedge, one of the biggest sovereign oil derivatives trades in the world, is part of the country's strategy for safeguarding oil revenues from market volatility.